U.S. Jobs Decline in January, but Smallest Decrease in 2 Years
22,000 jobs were eliminated by the U.S. private sector during January according to an ADP payroll report released a couple of days ago. The figure released on Wednesday is the smallest decline for a monthly total since Feb. 2008, and this improved performance undoubtedly stirs up an inkling that a recovering job market may be growing upon the Arizona horizon line.
The Phoenix market has felt the brunt of a 3 year long slide in consumer confidence and the reduced spending by businesses, while tourism declined and Arizona’s heavy reliance on a strong real estate market to drive other economic growth was undeniably exposed.
AZ bank owned properties and inventories of HUD owned homes are falling at such a steady pace, the familiar M.O. of the Valley’s large home construction companies can be seen again as building permit activity rises 10% from Dec. to January, while public builders begin buying up improved parcels in anticipation of a market which appears to be stabilizing.
Existing home prices are beginning to show actual strength, a far cry from the once faint pulse that could barely be felt across the vast Metro Area. Now we watch and wait for when and if banks will start lending money to home builders.